The Financial Times reports that HongShan, the former China division of Sequoia Capital, has raised about USD 2.5 billion for its most recent fund.
This represents the highest fundraising by a privately-owned venture capital firm in China during the previous year, despite a difficult fundraising climate.
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The fund seeks to invest in Chinese technology startups and is supported by the government of Hangzhou as well as a number of private and state-owned insurance businesses.
Although the fund is less than HongShan’s USD 9 billion fund raised in 2022, Neil Shen, the company’s founder, continues to have a significant influence.
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Unlike its USD fund, which is subject to tighter restrictions because of geopolitical sensitivities, the new RMB fund makes investments in delicate technology easier.
About HongShan
HongShan is a renowned technology, healthcare, and consumer venture capital and private equity business.
